According to Mashable, the firm carried out a number of demonstrations at the Las Vegas event and successfully charged a Samsung Galaxy S5 in less than two minutes. StoreDot’s CEO Doron Myersdorf explained that researchers at the company took a completely different approach to battery technology. Instead of trying to increase the battery’s capacity, they instead sacrificed some battery life in order for a vastly shortened charging time.

As a guide, StoreDot said that their batteries currently last approximately five hours on a single charge, but with the recharge time reduced, charging multiple times in a day is much more convenient.

"This is not trivial, it took us a lot of research," Myersdorf said. "This is a design that is trying to achieve something that was not the goal before. Nobody thought about giving you less energy, everybody thought about giving you more energy."

On the downside, StoreDot’s batteries are more expensive than standard cells and are likely to add around $50 onto the price of a phone. In addition, the company will need some assistance from smartphone manufacturers in order to be a success, as their batteries do require minor modifications to be made to the handset.

Despite the hurdles, Myersdorf is confident the product will be a success and claims to be in talks with “all the big guys” in the smartphone market.

The StoreDot CEO also has his sights set beyond mobiles and believes that his company’s battery technology can be applied to a whole host of devices.

With that in mind, Myersdorf has placed the electric automobile industry next on his list of targets. He revealed that a Tesla battery that can be charged in just three minutes should be ready within thbate next twelve months.